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March 20, 2023: NCPERS Weekly News Clips
Posted On: Mar 20, 2023

NCPERS Weekly NewsClips

March 20, 2023

NCPERS Spotlight

Public Pension Profiles: El Paso Firemen and Policemen's Pension Fund Trustees, March 19, 2023

NCPERS Washington Update, March 17, 2023

Pension Industry Returns: Job Listings, Hiring, and Retirement Announcements, March 17, 2023

Public Pension Profiles: Educational Employees' Supplementary Retirement System (ERFC) Executive Director & CIO, Eli Martinez, March 15, 2023

Registration Now Open for NCPERS 2023 Chief Officers Summit, March 15, 2023

Public Pension Profiles: Seattle City Employees’ Retirement System (SCERS) CIO, Jason Malinowski, March 12, 2023

Public Pension Profiles: Jacksonville Police and Fire Pension Fund (JPFPF) Executive Director, Timothy Johnson, March 9, 2023

Governance and Public Pension Returns, March 3, 2023

Public Pension RFP Roundup, January 25, 2023

2022 Public Pension Compensation Survey Now Available, November 10, 2022

Upcoming Events

Mobile-First Solutions: Maximizing Engagement and Streamlining Communication

Date: March 23

Location: Virtual

NCPERS Life Insurance Webinar

Date: April 18

Location: Virtual

Annual Conference & Exhibition (ACE)

Date: May 21-24

Location: New Orleans, LA

Chief Officers Summit

Date: June 19-21

Location: Denver, CO

Opinions

Keep Symbolic ‘Anti-Woke’ Legislation Away From Pension Funds

The goal of the sponsors of SB 224 is to encourage asset managers and big companies to tone down public statements with ideological slants, thereby gaining credit from conservative voters for fighting back against out-of-control woke-ism. Read more

National News

A Decade of Reforms Has Strengthened State Pension Plans

States that act now to build on contribution gains made over the past 10 years will be better positioned to weather economic downturns and move their retirement systems closer to long-term funding sustainability. Read more

Higher Rates Buoy Retirees and Pensions Alike, but for How Long?

The U.S. interest rate environment might be creating challenges for the investing community — having just this week helped to prompt the biggest U.S. bank failure since 2008 — but it is also providing “wonderful opportunities” for pension plans and retirement-focused investors. Read more

DB Pension Risk Transfers May Slow Due to Lack of Liquidity

High interest rates have made it a good time for some defined benefit plan sponsors to transfer pension risk, but a liquidity pinch may be delaying or altogether shutting off the window, according to experts who spoke at PLANADVISER’s virtual DB Summit. Read more

Treasury Proposes Rule on Retirement Plan Forfeitures

The rule would update the forfeiture rules for DB plans to tie them to the minimum funding rules. It would also clarify that DC forfeitures must be allocated no later than 12 months after the close of the plan year in which the forfeiture occurred. Read more

Silicon Valley Bank Shuts Down; Pension Funds, Investors Measure Their LossesPension funds and institutional investors are taking the measure of their exposure to Silicon Valley Bank, the high-profile venture capital and startup lender shut down by regulators and taken over by the Federal Deposit Insurance Corp. Read more

Canadian News

Ties Between Pension Fund Directors and Fossil Fuels are 'Incompatible' for Some Canadians

Despite mounting pressure from Canadians who want their money to stop supporting oil and gas, the majority of the country's largest pension fund managers continue to invest in that sector — and are led by individuals with close ties to fossil fuel companies. Read more

OPTrust Posts 2.2% Net Losses in 2022, Remains Fully Funded

The OPSEU Pension Trust finished 2022 with net assets of $24.642 billion, down 2.2 per cent from the previous year, according to its latest annual results. Read more

HOOPP Enhancing Climate Strategy to Achieve Net Zero by 2050

By 2025, the HOOPP expects 80 per cent of its assets to provide reported emissions. It will also initiate a scope 3 portfolio emissions measurement and exclude new direct investments in private thermal coal and oil exploration and production companies. Read more

State News

New York City’s Pension is Changing How it Invests

The New York City Retirement System is working on changes that will alter the investment strategy of the nation’s largest city. NYCRS is reviewing its strategic asset allocation and internal operations, in particular. Read more

Generous Benefits Keep Oregon Government Worker Pay Competitive, Study Finds

The state of Oregon continues to pay its workers competitive compensation despite pandemic fluctuations in the labor market, thanks largely to highly subsidized health insurance and generous retirement benefits, a new analysis by the state’s human resources office has found. Read more

Rebuilding Trust, Funding Puts Arizona Plan Back on Track

Among the top 200 retirement plans during the year ended Sept. 30, PSPRS was one of only six U.S. retirement plans that had an increase in assets. Read more

Connecticut Municipal Pension Plan Debt Rises Dramatically, Putting Pressure on Towns

While Connecticut has made headway paying down billions in state employee and teacher pension debt, another state-run retirement plan is heading in the opposite direction. Read more

New York State Lawmakers Making Push for Police Officer Pension Parity

State Senator Michelle Hinchey is among the lawmakers leading the charge to include pension parity for 1,100 state police officers who are members of the PBA of New York State. Read more

CalSTRS Strengthens Organization by Embracing DEI

CalSTRS staff updated the board on internal and external DEI activities and gave an overview of efforts to incorporate DEI in business processes and investment practices at the March meeting. Read more

Recession Odds Greater Than 50%, New York City Retirement Systems CIO Says

There's more than a 50% chance of a recession, and while not imminent, the $248.2 billion New York City Retirement Systems is focused on global inflation and the response of central banks worldwide to prepare, CIO Steven Meier said. Read more

Indiana Public Retirement System Hires Strive as Proxy-Voting Consultant

The Indiana Public Retirement System, Indianapolis, has hired a firm co-founded by ESG investing critic and U.S. presidential candidate Vivek Ramaswamy as a consultant on proxy-voting matters, according to committee testimony from an INPRS official. Read more

Pro-ESG Vermont Fights Fossil Fuel Divestment Bill

The Vermont Pension Investment Commission, the overseer of Vermont's three largest pension funds, is fighting to beat back a bill that would require it to divest any holdings in fossil fuel companies — and so far its efforts appear to be working. Read more

A Wyoming Pension Bill for Volunteer Firefighters, EMTs, and First Responders is Signed into Law

A bill that restores funding meant to support and incentivize critical emergency service volunteerism has been signed into law by Gov. Mark Gordon. It allocates several million dollars to the Volunteer Firefighter Pension Fund, which also provides retirement benefits to other emergency service volunteers. Read more

CalPERS Votes to Oppose State Bill Barring it from Fossil Fuel Holdings

The CalPERS board voted to oppose a California bill that would prevent the $457.4 billion pension plan and the California State Teachers' Retirement System, West Sacramento, from making new investments in fossil fuel companies and require them to divest from such companies by July 1, 2030, if consistent with the boards' fiduciary duty. Read more

Illinois Bill Would Give Treasurer Proxy-Voting Power for State Public Pension Funds

If Senate Bill 2152 is passed by the Illinois legislature, the responsibility for proxy voting by the state's public pension funds will shift to Michael W. Frerichs, the state's treasurer. Read more


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